After almost a month of tight price action inside a rising Wedge pattern, $GBPJPY finally broke below this pattern after forming a double top near 195. Now it has reached a minor daily resistance zone that could create some pullback that will allow to short it again from higher levels. Before talking about the pullback, few words about the bearish scenario: My...
$BAC's setup reached my final target level with a 10% decline in the stock's price. Now the price reached the bottom of previous Triangle pattern. That trend line is what separates between BAC and it's weekly 200 SMA line. Weekly uptrend line is this week's focus
With $EURUSD's price hanging inside a very interesting harmonic sell zone (see linked idea) and $GBPUSD with bullish momentum that hasn't reached my target level (see linked idea), I tried to see if there's some reversal levels I could use to trade $EURGBP. I've found three different levels that could create some short term reversal in $EURGBP that I plan to...
Two harmonic patterns will be in play next week. The bullish breakout play from 1.1 has now reached my final destination and it was closed today as a 340ly pips winner. For the bearish setup we currently have, it probably would be wiser to wait for a close below the 200 MA line before shorting this pair, but more aggressive traders may want to used the...
When $VIX spiked below 12 earlier this month, I wrote to my members that this could be the signal of a major shift in world markets trend and huge opportunity in VIX. Today the VIX experienced the biggest spike in history.. and it did that without real cause.. It just another signal showing you that the bulls days are probably over and although we should...
My previous harmonic pattern in $IWM was a bearish Butterfly near the 130 zone. It took about 2 month for it to break down the 120 support zone and this week it finally happened. The bears are celebrating while the bulls are bleeding, but the new pattern in $IWM may save some of the bulls losses. If the price will close above 116$ (probably next week) It may...
This is what happens when the 200 SMA line breaks and there's no Fed coming for rescue (summer vacation?.. ). Last time it happened, in October 2014, the Fed helped by suggesting QE won't end (which eventually it did..) 1. The squeeze I mentioned in my Weekly Markets Analysis - Price was squeezed between the 200 SMA line (support and the 2100 resistance zone...
$QQQ gaped down today and violated the bullish Bat I was motioning. Now with $QQQ below its 200 SMA line for the first time since October 2014 (when the Fed came to the rescue), it is testing a strong daily support zone and the broken downtrend line. SPX is testing the 2000 level - Psychological level that could changed things and fast is these crazy summer...
The bearish Cypher pattern I've mentioned here 2 weeks ago reached important daily support zone and it is just 50 pips away from final target zone - 122. The whole range between 122 and 122.5 could be a reversal zone in $USDJPY that will trigger a pullback towards 123.5 and 124. Bellow 122, $USDJPY continue lower towards 121 and the major support zone found...
My final target level for the Bullish breakout setup near 1100$ was 1180$. Although it may reach there, the price reaction to 1170-1180$ structure zone (resistance) seems bearish enough that got me out my bullish trade. With the $SPX near 2000 and DXY near my secondary target level (see link) , it could be a short term reversal zone for gold.
Bearish Gartley in $GOOG posted following re-organization announcement reached targets 1 and 2. Now for next target - 630$ - We probably have to wait for a pullback and see whether we will have another bearish wave.
Corn has been diving over the last 3 years since it's peak in 2012. Beside small correction move in 2014, it was pretty much a nose dive that cut corn value in more than half. Since October 2014, Corn has been bouncing around the 22-23$ support zone, which is also the 127 extension for the first part of corn's decline (Aug 2012- Jan 2014). The second time...
This Gartley pattern I mentioned over the last few weeks in Dollar index reached target 1 and bounced back to the structure zone (97) that should act as resistance now. Beside hitting target 1, the index also broke below a daily trading channel. The support was found after hitting the 38.2 Fib level and the 50 SMA line. The small pullback can end soon by the...
GBPUSD is trading inside an ascending trading channel. This pair is currently struggling with a minor daily resistance zone - 1.565. All of the SMA lines are below current price level and suppose to act as support once the price will touch them and that's a bullish signal that suggests that eventually $GBPUSD will break higher, perhaps to complete the bearish...
Last time I covered $USDJPY I mentioned two harmonic patterns - Cypher and AB=CD pattern (both bearish) The small AB=CD pattern (blue) reached both of its target levels before the price pulled back and closed above the daily 18 SMA line (Fast SMA). The fact that the price closed above its daily Fast SMA line is a signal that USDJPY is still strong. We have...
The Wedge pattern breakout that came following the AB=CD pattern completion suggests that $XAUSUSD has started a correction move. 1140$ is the initial target zone and 1170-1180$ is the secondary one as it is a major daily resistance now. This analysis is part of the Weekly Markets Analysis newsletters To read more interesting technical reviews - goo.gl To...
$GOOG's bearish setup I posted here following its big re-organization announcement reached first target level. Now, $GOOG can bounce from this support zone to re-test previous highs, perhaps creating another chance to try and short it (assuming it will provide a setup for it). A close below 650$ could lead $GOOG to next target level - 630$
Now that $EURUSD finally climbed and closed above 1.1 it is safer to say that it is probably heading towards 1.14 to complete to harmonic trading patterns - Bearish Butterfly and bearish Bat. As long as the price remains above 1.11, which is the 50 SMA line level, the price could continue rallying towards 1.14 without any major interference. 1.12 is the only...